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Trinity Exploration & Production Makes Significant Oil Discovery
Mon, 9th Dec 2013 09:51
LONDON (Alliance News) - Trinity Exploration & Production PLC Monday announced a positive oil discovery at its 65% owned TGAL-1 exploration well in the Galeota licence.
The oil and gas exploration and production company, with operations in Trinidad and Tobago, said the 5,694 foot well intersected five targets, all containing good quality oil bearing reservoir sands.
The company said it found a total of 547 feet net oil sands with an original oil in place estimate to be in the range of 50 million to 115 million barrels of oil.
Trinity noted that it was initially planned to drill to a total depth of 6,500 feet but was plugged at 5,694 feet, as no hydrocarbons nor reservoir quality sand were encountered below 4,362 feet.
The company said it is now planning appraisal and development options at the site and will shortly commence engineering studies to finalise a development concept to progress the project to a Field Development Plan.
Trinity Exploration shares were up 16% to 145.19 pence, putting it in the top five AIM gainers in early trading Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Mon, 9th Dec 2013 09:51
LONDON (Alliance News) - Trinity Exploration & Production PLC Monday announced a positive oil discovery at its 65% owned TGAL-1 exploration well in the Galeota licence.
The oil and gas exploration and production company, with operations in Trinidad and Tobago, said the 5,694 foot well intersected five targets, all containing good quality oil bearing reservoir sands.
The company said it found a total of 547 feet net oil sands with an original oil in place estimate to be in the range of 50 million to 115 million barrels of oil.
Trinity noted that it was initially planned to drill to a total depth of 6,500 feet but was plugged at 5,694 feet, as no hydrocarbons nor reservoir quality sand were encountered below 4,362 feet.
The company said it is now planning appraisal and development options at the site and will shortly commence engineering studies to finalise a development concept to progress the project to a Field Development Plan.
Trinity Exploration shares were up 16% to 145.19 pence, putting it in the top five AIM gainers in early trading Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
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